It's not "the PC version". The engine was part of a thesis of a University student, if I'm not wrong. The concept and engine, and probably the producer, got hired or licensed by Sony for Echochrome. Phil Harrison has talked about a USER GENERATED CONTENT component of Echochrome, which will likely involve the said editor you are seeing in the video.
Not "deceiving", which is certainly a useful word by anti-Sony campers. Just that the words involved by these gaming sites are poorly chosen and poorly researched by the various gaming journalists.